What signals do the semi-annual reports from PPG, AkzoNobel, Sherwin-Williams, BASF, and Axalta convey?

The high-performance coatings business recorded flat organic sales in the first half of the year, with positive pricing across all businesses fully offset by declining volumes. Volumes in marine and protective coatings grew strongly, but this growth was entirely offset by macroeconomic uncertainty—particularly in North America. Foreign exchange had a 3% negative impact on revenue, while other items (primarily related to hyperinflation accounting) remained flat, resulting in a 3% decline in revenue to €3.129 billion (approximately RMB 26.16 billion). Operating profit declined 10% year-on-year to €321 million, impacted by €34 million in negative confirmed items (€12 million negative in 2024), primarily related to restructuring initiatives. Adjusted EBITDA declined 3% year-on-year to €444 million, including an adverse FX impact of €20 million. The adjusted EBITDA margin stood at 14.2% (14.2% in 2024). AkzoNobel’s full-year performance guidance—expressed at constant exchange rates—remains unchanged. Considering current market uncertainties and adjusting for exchange rates as of end-June, the company expects full-year 2025 adjusted EBITDA to exceed €1.48 billion. Mid-term, AkzoNobel aims to lift profitability to an adjusted EBITDA margin above 16% and achieve a return on investment of 16–19%, driven by organic growth and operational excellence in industrial manufacturing. AkzoNobel targets reducing its net debt-to-adjusted-EBITDA ratio to below 2.5x by end-2025, with a mid-term target of approximately 2x, while continuing to maintain a strong investment-grade credit rating. PPG’s H1 Financial Results In Q2, PPG reported net sales of USD 4.2 billion (approx. RMB 2.993 billion), down 1% year-on-year (impacted by business divestitures). Net income totaled USD 450 million (approx. RMB 3.2 billion), down 9% year-on-year. Adjusted net income amounted to USD 504 million (approx. RMB 3.6 billion), also down 9% year-on-year. Organic sales rose 2% year-on-year, driven by gains in both volume and pricing. Diluted EPS was USD 1.98; adjusted EPS was USD 2.22. Business segment margin was 17.7%; segment EBITDA margin was 20.3%. The company repurchased USD 150 million worth of shares during the quarter, bringing its year-to-date share repurchases to USD 540 million. For the first half of the year, PPG’s net sales totaled USD 7.89 billion (approx. RMB 5.64 billion), down 2.5% year-on-year. Net income was USD 823 million (approx. RMB 5.88 billion), down 11.3% year-on-year. Specifically, the Global Architectural Coatings segment reported H1 net sales of USD 1.875 billion (approx. RMB 1.34 billion), down 7.9% year-on-year; segment profit was USD 278 million, down 26.3% year-on-year. The High-Performance Coatings segment reported H1 net sales of USD 2.777 billion (approx. RMB 1.985 billion), up 6.7% year-on-year; segment profit was USD 630 million, up 9.2% year-on-year. The Industrial Coatings segment reported H1 net sales of USD 3.227 billion (approx. RMB 2.307 billion), down 6.4% year-on-year; segment profit was USD 442 million, down 13% year-on-year.

Global OLED Lighting Industry: Comprehensive Research Report and Investment Potential Analysis, 2027–2033

Table of Contents Chapter 1: Overview of OLED Lighting Development 1.1 Introduction to OLED Lighting Technology 1.1.1 Working Principle of OLEDs 1.1.2 White-Light OLEDs for Illumination 1.1.3 Applications of OLED Lighting 1.2 Current Status of OLED Lighting Development 1.2.1 Key Challenges Facing OLED Lighting Development 1.2.2 Latest R&D Dynamics in OLED Lighting Products 1.3 Technical Analysis of Factors Influencing OLED Lighting Adoption and Popularization 1.3.1 Material and Structural Analysis 1.3.2 Light Extraction Technology Analysis 1.3.3 OLED Product Lifetime Analysis 1.3.4 Analysis of Yield Improvement and Mass Production Capability 1.4 Comparative Analysis of OLED Lighting versus LED Lighting 1.4.1 Comparison of Lighting Requirements 1.4.2 Comparison of Luminaire Design 1.4.3 Comparison of Optical Efficiency 1.4.4 Comparison of Manufacturing Costs 1.4.5 Comparison of Product Lifespan 1.5 Market Outlook for OLED Lighting 1.5.1 Outlook on the Development Trajectory of the OLED Lighting Industry 1.5.2 In-Depth Analysis of Future OLED Lighting Market Development Chapter 2: Global Patent Landscape Analysis of OLED Lighting 2.1 Global Overview of OLED Lighting Patents 2.1.1 Significance of Patent Landscape Analysis 2.1.2 Annual Patent Filing Trends for OLEDs 2.1.3 Total Number of Patents in the OLED Lighting Field 2.1.4 Global Patent Situation in the OLED Lighting Field 2.2 OLED Lighting Technology Analysis by Country or Region 2.2.1 OLED Lighting Technology in Japan 2.2.2 OLED Lighting Technology in the United States 2.2.3 OLED Lighting Technology in Germany 2.2.4 OLED Lighting Technology in China 2.3 Patent Competition Analysis of OLED Lighting by Country or Region 2.3.1 OLED Lighting Patent Competition in Asia 2.3.2 OLED Lighting Patent Competition in the Americas 2.3.3 OLED Lighting Patent Competition in Europe Chapter 3: Policy Environment Analysis for OLED Lighting 3.1 OLED Policy Environment in Europe 3.2 OLED Policy Environment in the United States 3.3 OLED Policy Environment in Asia 3.4 OLED Policy Environment in China 3.4.1 National Emphasis on OLED Industry Development 3.4.2 Inclusion of OLED in the National 863 Program’s Major Project Implementation Plan 3.4.3 Government-Led Establishment of the OLED Industry Alliance 3.4.4 Tariff Preferential Policies for OLED Enterprises Chapter 4: Global Overview of OLED Lighting Development 4.1 Global OLED Lighting Industry Overview 4.1.1 Forecast Analysis of International OLED Lighting Market Demand 4.1.2 Trends in the Global Lighting Industry 4.2 European OLED Lighting Market 4.2.1 Current Status of OLED Lighting Development in Europe 4.2.2 Forecast Analysis of European OLED Lighting Market Size 4.2.3 Progress in R&D of OLED Lighting Technologies in Europe 4.2.4 Latest Developments in the European OLED Lighting Industry

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